New Risk • May 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • May 21
Now 24% overvalued Over the last 90 days, the stock has fallen 21% to ₩18,350. The fair value is estimated to be ₩14,796, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.7%. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₩22,300, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 49% over the past three years. Buy Or Sell Opportunity • Apr 16
Now 23% overvalued Over the last 90 days, the stock has fallen 22% to ₩19,200. The fair value is estimated to be ₩15,580, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 5.7%. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₩17,500, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 7.6% over the past three years. Announcement • Feb 27
Namuga Co., Ltd., Annual General Meeting, Mar 30, 2026 Namuga Co., Ltd., Annual General Meeting, Mar 30, 2026, at 08:00 Tokyo Standard Time. Location: conference room, 670, daewangpangyo-ro, bundang-gu, gyeonggi-do, seongnam South Korea Buy Or Sell Opportunity • Feb 03
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 54% to ₩26,300. The fair value is estimated to be ₩21,438, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.8%. Buy Or Sell Opportunity • Jan 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to ₩25,450. The fair value is estimated to be ₩20,991, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 4.8%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to ₩22,250, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 61% over the past three years. Upcoming Dividend • Dec 22
Upcoming dividend of ₩650 per share Eligible shareholders must have bought the stock before 29 December 2025. Payment date: 13 April 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of South Korean dividend payers (3.6%). Higher than average of industry peers (0.9%). Declared Dividend • Nov 08
Dividend of ₩650 announced Dividend of ₩650 is the same as last year. Ex-date: 29th December 2025 Payment date: 13th April 2026 Dividend yield will be 3.8%, which is higher than the industry average of 0.9%. Sustainability & Growth Dividend is well covered by both earnings (40% earnings payout ratio) and cash flows (22% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Nov 07
Namuga Co., Ltd. announces Annual dividend, payable on April 13, 2026 Namuga Co., Ltd. announced Annual dividend of KRW 650.0000 per share payable on April 13, 2026, ex-date on December 29, 2025 and record date on December 31, 2025. Announcement • Aug 21
Namuga Co., Ltd. (KOSDAQ:A190510) announces an Equity Buyback for KRW 5,000 million worth of its shares. Namuga Co., Ltd. (KOSDAQ:A190510) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares, pursuant to a contract with SAMSUNG SECURITIES CO.,LTD. The purpose of the program is to enhance shareholder value through stabilizing stock prices. The program will expire on February 20, 2026. As of August 21, 2025, the company had 780,296 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. Reported Earnings • Aug 15
Second quarter 2025 earnings released: EPS: ₩220 (vs ₩279 in 2Q 2024) Second quarter 2025 results: EPS: ₩220 (down from ₩279 in 2Q 2024). Revenue: ₩110.6b (down 1.0% from 2Q 2024). Net income: ₩3.19b (down 28% from 2Q 2024). Profit margin: 2.9% (down from 4.0% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₩1,680 (vs ₩1,455 in FY 2023) Full year 2024 results: EPS: ₩1,680 (up from ₩1,455 in FY 2023). Revenue: ₩450.4b (up 23% from FY 2023). Net income: ₩26.1b (up 11% from FY 2023). Profit margin: 5.8% (down from 6.4% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • Mar 07
Namuga Co., Ltd., Annual General Meeting, Mar 27, 2025 Namuga Co., Ltd., Annual General Meeting, Mar 27, 2025, at 08:00 Tokyo Standard Time. Location: conference room, 670, daewangpangyo-ro, bundang-gu, gyeonggi-do, seongnam South Korea Announcement • Feb 27
Namuga Co., Ltd. announces Annual dividend Namuga Co., Ltd. announced Annual dividend of KRW 650.0000 per share, ex-date on December 27, 2024 and record date on December 31, 2024. Announcement • Feb 18
Namuga Co., Ltd. (KOSDAQ:A190510) announces an Equity Buyback for KRW 5,000 million worth of its shares. Namuga Co., Ltd. (KOSDAQ:A190510) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares, pursuant to a contract with SAMSUNG SECURITIES CO.,LTD. The purpose of the program is to enhance shareholder value through stabilizing stock prices. The program will expire on August 17, 2025. As of February 17, 2025, the company had 788,913 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. Announcement • Dec 19
Namuga Co., Ltd. Launches Next-Generation 3D Sensing Solutions, Powered by Lumotive, Inc Lumotive, Inc. and NAMUGA Co., Ltd., a leading manufacturer of advanced camera modules announced the launch of their groundbreaking Stella series of 3D sensing solutions, powered by the same core Light Control Metasurface technology that drives Lumotive's successful MD42 platform. The Stella series addresses diverse market needs through two distinct solutions. Stella, with its compact design and 25-meter range, targets indoor applications where precision and reliability are paramount. Its optimized 10 Hz frame rate and 120° × 90° field of view make it ideal for pick and place robotics, automated guided vehicles (AGVs), and industrial automation systems requiring accurate navigation in structured environments. Stella 2 extends these capabilities with its enhanced 80-meter range and 20 Hz frame rate, designed for more demanding outdoor applications. Its advanced features, including superior object detection and tracking, make it particularly effective for security systems, drones and smart infrastructure applications requiring extended range and higher scanning speeds. Advanced Capabilities: Both solutions leverage Lumotive's revolutionary solid-state beam steering technology, which eliminates moving parts and enables software-defined scanning capabilities. This approach allows for: Dynamic performance optimization through APIs; Real-time adjustments to key sensing parameters; Advanced scanning modes including Regions of Interest; Superior performance in challenging lighting conditions. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₩13,200, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 14x in the Electronic industry in South Korea. Total returns to shareholders of 6.0% over the past three years. Buy Or Sell Opportunity • Dec 10
Now 26% overvalued Over the last 90 days, the stock has fallen 7.2% to ₩11,950. The fair value is estimated to be ₩9,522, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 6.7%. Reported Earnings • Nov 15
Third quarter 2024 earnings released: EPS: ₩229 (vs ₩346 in 3Q 2023) Third quarter 2024 results: EPS: ₩229 (down from ₩346 in 3Q 2023). Revenue: ₩118.3b (up 64% from 3Q 2023). Net income: ₩3.60b (down 36% from 3Q 2023). Profit margin: 3.0% (down from 7.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Nov 13
Namuga Co., Ltd. (KOSDAQ:A190510) announces an Equity Buyback for KRW 5,000 million worth of its shares. Namuga Co., Ltd. (KOSDAQ:A190510) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares, pursuant to a contract with Samsung Securities Co., Ltd. The purpose of the program is to enhance shareholder value through stabilizing stock prices. The program will expire on May 12, 2025. As of November 12, 2024, the company had 1,182,127 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. New Risk • Sep 17
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. This is currently the only risk that has been identified for the company. Announcement • Aug 20
Namuga Co., Ltd. (KOSDAQ:A190510) announces an Equity Buyback for KRW 5,000 million worth of its shares. Namuga Co., Ltd. (KOSDAQ:A190510) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares, pursuant to a contract with Samsung Securities Co., Ltd. The purpose of the program is to enhance shareholder value through stabilizing stock prices. The program will expire on February 20, 2025. As of August 19, 2024, the company had 790,587 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₩10,000, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Electronic industry in South Korea. Total loss to shareholders of 15% over the past three years. Announcement • Apr 17
Namuga Co., Ltd. (KOSDAQ:A190510) announces an Equity Buyback for KRW 5,000 million worth of its shares. Namuga Co., Ltd. (KOSDAQ:A190510) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares, pursuant to a contract with Samsung Securities Co., Ltd. The purpose of the program is to enhance shareholder value through stabilizing stock prices. The program will expire on October 14, 2024. As of April 14, 2024, the company had 388,160 shares in treasury within scope available for dividend and had no shares in treasury under other capacities. Reported Earnings • Mar 13
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: ₩1,455 (down from ₩2,119 in FY 2022). Revenue: ₩365.6b (down 30% from FY 2022). Net income: ₩23.5b (down 25% from FY 2022). Profit margin: 6.4% (up from 6.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.8%. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Electronic industry in South Korea. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 38% After last week's 38% share price gain to ₩20,850, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Electronic industry in South Korea. Total returns to shareholders of 99% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₩34,362 per share. Valuation Update With 7 Day Price Move • Nov 03
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₩12,170, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 15x in the Electronic industry in South Korea. Total returns to shareholders of 25% over the past three years. Announcement • Oct 30
Namuga Co., Ltd. (KOSDAQ:A190510) announces an Equity Buyback for KRW 5,000 million worth of its shares. Namuga Co., Ltd. (KOSDAQ:A190510) announces a share repurchase program. Under the program, the company will repurchase up to KRW 5,000 million worth of its shares pursuant to a contract with SAMSUNG SECURITIES CO.,LTD. The purpose of the share repurchase is to enhance shareholder value through stabilization of stock prices. The repurchase program will expire on April 30, 2024. As of October 29, 2023, the company had no shares within scope available for dividend and had no shares in treasury through other repurchase. New Risk • Aug 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.0% Last year net profit margin: 5.8% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Profit margins are more than 30% lower than last year (4.0% net profit margin). Shareholders have been diluted in the past year (6.9% increase in shares outstanding). Reported Earnings • Mar 16
Full year 2022 earnings released: EPS: ₩2,119 (vs ₩1,164 in FY 2021) Full year 2022 results: EPS: ₩2,119 (up from ₩1,164 in FY 2021). Revenue: ₩519.3b (up 3.3% from FY 2021). Net income: ₩31.3b (up 96% from FY 2021). Profit margin: 6.0% (up from 3.2% in FY 2021). Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₩18,630, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 79% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 20% share price gain to ₩17,900, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 10x in the Electronic industry in South Korea. Total returns to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 21% share price gain to ₩16,500, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₩10,650, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 11x in the Electronic industry in South Korea. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₩9,210, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 12x in the Electronic industry in South Korea. Total loss to shareholders of 25% over the past three years. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₩13,450, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 17x in the Electronic industry in South Korea. Total returns to shareholders of 61% over the past three years. Reported Earnings • Mar 13
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₩1,164 (up from ₩575 loss in FY 2020). Revenue: ₩502.9b (down 1.7% from FY 2020). Net income: ₩16.0b (up ₩23.9b from FY 2020). Profit margin: 3.2% (up from net loss in FY 2020). The move to profitability was driven by lower expenses. Revenue exceeded analyst estimates by 2.7%. Earnings per share (EPS) also surpassed analyst estimates. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improved over the past week After last week's 15% share price gain to ₩10,700, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 18x in the Electronic industry in South Korea. Total returns to shareholders of 121% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₩10,300, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 19x in the Electronic industry in South Korea. Total returns to shareholders of 118% over the past three years. Reported Earnings • Mar 17
Full year 2020 earnings released: ₩1,149 loss per share (vs ₩147 profit in FY 2019) The company reported a mediocre full year result with weaker earnings and weaker control over costs, although revenues improved. Full year 2020 results: Revenue: ₩511.8b (up 41% from FY 2019). Net loss: ₩7.89b (down ₩8.86b from profit in FY 2019). Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 24
New 90-day low: ₩19,150 The company is down 4.0% from its price of ₩19,850 on 26 November 2020. The South Korean market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 29% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: ₩22,900 The company is up 4.0% from its price of ₩22,000 on 08 October 2020. The South Korean market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electronic industry, which is up 28% over the same period. Announcement • Sep 24
Namuga Co., Ltd. announced that it has received KRW 20 billion in funding On September 23, 2020, Namuga Co., Ltd. (KOSDAQ:A190510) closed the transaction. Is New 90 Day High Low • Sep 24
New 90-day high: ₩23,750 The company is up 55% from its price of ₩15,350 on 25 June 2020. The South Korean market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electronic industry, which is up 12% over the same period. Announcement • Sep 18
Namuga Co., Ltd. announced that it expects to receive KRW 20 billion in funding Namuga Co., Ltd. (KOSDAQ:A190510) announced a private placement of 4th series Non-separated bonds with unsecured interest bonds for gross proceeds of KRW 20,000,000,000 on September 17, 2020. The bonds will mature on September 23, 2025. The surface interest of this bond is 0.0% and no interest is paid before maturity. The bonds have a no coupon rate and yield to maturity of 3%. The transaction include participation from Withwin Fund No. 60. The bonds are convertible into 924,641 common shares for 13.46% stakes in the company at a fixed conversion price of KRW 21,630 per share from September 23, 2021 to August 23, 2025. The transaction is expected to close on September 23, 2020. The transaction has been approved by board of directors.